Licensing round awards three deepwater blocks
A consortium made up of Eni and Kogas has won three deepwater blocks during the Republic of Cyprus' second offshore licensing round, Eni announced on 24 January 2013.
The consortium walked away with Blocks 2, 3, and 9 in the the Cypriot deepwater portion of the Levantine Basin, which spans 15,530 sq km. Eni will operate the blocks with 80% interest; Kogas holds the remaining 20%.
The deepwater acreage is Eni's first foray into Cyprus, which the company called a 'strategic area' in its production portfolio.
"The oil and gas industry recently shown significant attention to the Levantine Basin as it is one of the newest exploration frontiers with giant gas potential," the company said in a press statement.
Cyprus' licensing round was completed in May 2012.